Tag: Income Tax

Deduction 33AB first allowed from composite income before apportionment under Rule 8(1) between agricultural non-agricultural

The deduction u/s 33AB of the Income Tax Act, 1961 shall be allowed from the total composite income derived from growing and manufacturing tea and only after such deduction is made, Rule 8(1) shall be applied to apportion income between agricultural and non-agricultural income . HIGH COURT AT CALCUTTA ITA 360 …

CIT Revision u/s 263 unjustified alleging wiping out income surrendered u/s 133A treating it business income and not separately u/s 69A

INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR I.T.A No. 203(Asr)/2014 Assessment Year: 2009-10 M/s Superfine Agro Industries (Appellant) vs. Income Tax Officer (Respondent) Date of Order: 10/03/2016 ORDER PER T. S. KAPOOR (AM): This is an appeal filed by assessee against the order of learned CIT, dated 04.02. 2014 passed u/s …

CBDT-Appeal filing monetary limits applies to cross objections also

Government of India Ministry of Finance Central Board of Direct Taxes F.NO.279/MISC./M-142/2007-ITJ (PART) New Delhi, 8th March, 2016 All Pr. Chief Commissioners of Income-tax All Director Generals of Income-tax Subject: Clarification on applicability of Circular 21/2015-reg: The monetary limits for filing appeals before the Income Tax Appellate Tribunals …

Penalty-2711c not imposable if income estimated u/s 144 where books of accounts not produced

INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR ITA No.293(Asr)/2013 Assessment year: 2005-06 Income Tax Officer (Appellant)  vs. M/s. Age Construction Pvt. Ltd. (Respondent) Date of Order: 04-03/2016 ORDER PER A.D. JAIN, JM: This is the Department’s appeal for the assessment year 2005-06 against the order, dated 06.02.2013, passed by the …

Penalty 271(1)(c) limitation provisions u/s 2751a apply as per law in force at the time of filing of return

INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR I.T.A No.137(Asr)/2014 Assessment Year: 1994-95 Income Tax Officer (Appellant) vs. K.D. Bali (Respondent) Date of Order: 04-03-2016 ORDER PER T. S. KAPOOR (AM): This is an appeal filed by the Revenue against the order of learned CIT(A), dated 05.03. 2014 for Asst. Year 1994-95. …

Penalty 271(1)(c) interest on income-tax refund not added to income but disclosed in notes to accounts as contingent income

HIGH COURT AT CALCUTTA ITA 291 of 2009 CIT-II Ves.  PILANI INVESTMENT & INDUSTRIES CORPORATION LTD. Coram: Hon’ble Justice Girish Chandra Gupta And Hon’ble Justice Asha Arora Date on which Judgment delivered: 02.02.2016 GIRISH CHANDRA GUPTA J. The Revenue has come up in appeal u/s.260A of the Income Tax Act, …